Fred Alger Management LLC Sells 882,675 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Fred Alger Management LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 94.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 49,970 shares of the natural resource company’s stock after selling 882,675 shares during the quarter. Fred Alger Management LLC’s holdings in Freeport-McMoRan were worth $2,495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Deane Retirement Strategies Inc. grew its stake in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after acquiring an additional 201 shares during the period. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the period. Trust Co. of Vermont increased its stake in shares of Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares in the last quarter. Fidelis Capital Partners LLC raised its position in shares of Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the period. Finally, Prospera Private Wealth LLC lifted its stake in shares of Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FCX. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Scotiabank cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Trading Up 1.0 %

FCX stock opened at $44.20 on Monday. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The company has a market capitalization of $63.51 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 17.44 and a beta of 1.91. The company’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $46.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.5 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.68%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.